India’s flex office footprint crosses 100 million sq. ft. as GCC demand powers record growth: myHQ report

India’s flexible workspace industry has crossed the 100 million sq ft mark, underscoring the sector’s rapid evolution from a niche real estate segment into a mainstream office infrastructure play driven by enterprise occupiers and Global Capability Centres (GCCs).

According to myHQ’s Q4 FY26 Indian Flex Office Operators Report, all five listed flex office operators posted double-digit revenue growth during the quarter, while profitability improved across the board amid sustained occupancy levels and rising demand for managed workspace solutions.

GCCs emerge as the industry's biggest growth engine

The report highlights a sector increasingly defined by large enterprise contracts rather than startups and freelancers. GCCs accounted for a record 45.5% of total office leasing in Q1 CY26, making them the single-largest demand driver for the industry. Enterprise clients now contribute the majority of revenue across every listed flex operator.

“The sector has moved past the question of whether flex works as a business model. The results confirm it does,” said Utkarsh Kawatra, co-founder and CEO of myHQ. “Global Capability Centres are now the single biggest demand driver, average deal sizes have roughly doubled over the last two years, and customer tenures are lengthening. India’s flex sector enters FY27 in a position of genuine strength.”

Smartworks, WeWork India and Awfis set new benchmarks

Among the listed players, Smartworks emerged as the fastest-growing operator, recording 45% year-on-year revenue growth and becoming the first listed flex workspace company in India to cross a portfolio size of 10 million sq ft. Credit rating agency Crisil now estimates sector capacity will expand to 140-145 million sq ft by FY28.

Awfis reported FY26 revenue of ₹1,493 crore, up 24% year-on-year, while profit after tax surged 66% to ₹71 crore. WeWork India delivered the strongest profitability performance in the sector, posting a net profit of ₹65.9 crore in the March quarter—its highest-ever quarterly profit and a 292% sequential jump. Its monthly revenue per member stood at ₹20,889, nearly 2.3 times the industry average.

IndiQube crossed ₹400 crore in quarterly revenue, growing 35.2% year-on-year, while deriving 19.2% of revenue from value-added services, the highest among listed peers.

Search trends signal a structural shift in workplace preferences

Demand indicators also point to changing workplace preferences. According to myHQ platform data, 73% of office-related searches now target flexible workspaces, with coworking queries generating nearly five times the volume of traditional leasing searches. Meeting-room searches have risen 187% over the past three years, while virtual-office and day-pass searches have increased 99% and 20%, respectively.

With India projected to host over 2,400 GCCs by the end of the decade and generate $100-110 billion in GCC revenues, industry executives expect the flex office segment to remain one of commercial real estate’s fastest-growing categories through FY27 and beyond.